Article 406 Investments Approved for the purposes of Part IV of the Local Government and Housing Act 1989I1

In regulation 2 of the Local Authorities (Capital Finance) (Approved Investments) Regulations 1990 the existing text is numbered as paragraph (1).

For sub-paragraphs (b) and (c) of paragraph (1) substitute—

“(b)

any deposit made with an authorised deposit taker or the Bank of England, or any certificate of such a deposit;

(c)

any shares in a building society, and for this purpose “share” and “building society” have the meaning given by section 119 of the Building Societies Act 1986^f1;”.

In sub-paragraph (d) of paragraph (1), for “an authorised institution” substitute “an authorised deposit taker”.

After paragraph (1) of regulation 2 insert—

“(2)

Paragraph (1)(b) must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000,

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act,

but for the purposes of this regulation a deposit includes a sum paid by a local authority.”.